Researchers from MIT develop a document where they establish three different scenarios where Bitcoin, as we know it at the moment, could end up disappearing.
The Massachusetts Institute of Technology, better known as MIT, has a plan, well, it really does have three plans to end Bitcoin. In an article that has been titled 'Let's Destrot Bitcoin', the writer of the article, Morgan Peck, lays out three frameworks that could end with the demise of the world's most important cryptocurrency. It seems incredible, but there really are three scenarios, complex and quite exceptions, that could end BTC or as we know it at the moment and that yes, the scenarios that arise are complicated.
The first of the variants that it contemplates is the 'Seizure of power by a government', or what is the same, governments create their own cryptocurrencies, known as Fedcoins, which would be 'more efficient than Bitcoin', which presumably it would reduce or even suppress the demand for decentralized cryptocurrencies.
Another variable speculated by MIT is the 'tokenization of everything'. This scenario is based on an economic activity that evolves towards a hyper-efficient mass barter system, in which practically all companies launch their own cryptocurrency and an automated system that allows users to exchange their assets from 'TwitterCoin' to 'FantaCash', so that transactions can be completed.
"Think of this as an incredibly efficient barter system," says Campbell Harvey, Professor of Finance at Duke University. 'Barter is generally inefficient, but if you have a network and token, the goods and services and you enable it with a blockchain, it can become very efficient.'
The latest variant that is established as the basis for the suppression of Bitcoin is a series of conglomerate social networks, such as Facebook, who stealthily take control of cryptocurrencies. This scenario requires Facebook to launch a multi-point attack on the current implementation of cryptocurrencies.
The first step would be for the company to create a proprietary Bitcoin and third-party wallet and integrate it through Facebook's suite of products, a scheme designed to trick users into giving the company inordinate control of the Bitcoin ecosystem.
'For those already using Bitcoin, the experience is so superior to what they previously experienced that they immediately migrate their funds to their Facebook wallet. Those who don't own Bitcoins yet, or have never heard of them, might have the option of earning some on the site, either by viewing ads or by writing Facebook posts for others to see, 'explains Peck.
In parallel, the company would create a mining farm, which could be increased by allowing users to mine CoinHive-style, to eliminate advertising in the navigation. Once Bitcoin is absorbed and becomes inseparable from the products offered by Facebook, the company could manipulate Bitcoin and force users, who are mostly unaware of the technical details of the software, to adopt an alternative version.
Source: CCN
